OREANDA-NEWS. The Board of Directors of RAO “UES of Russia” approved the Company's strategy for the RAO UES energy retail entities.

The Board resolved that, as a basic approach, shares of the energy retail companies (ERCs) would be sold in a public auction. The start price would be not lower than the fair market value determined by an independent appraiser and approved by the RAO UES Valuation Committee.

When determining the fair market value, the Committee is to take into account the results of the auctions to sell ERC shares.

The grid companies of RAO "UES of Russia" will not be able to take part in the auctions, as the Law on the Electric Power Industry provides that, after the transitional period of the sector reform is over, energy companies will not be allowed to engage in monopoly and competitive activities within the same price area of the wholesale energy market.